The Bank of Canada (BoC) conducted an investigation to determine the potential impact of a cashless society on the need for a general-purpose, cash-like Central Bank Digital Currency (CBDC). The study found that most Canadians have access to payment methods and have few gaps in fulfilling their payment needs. Therefore, adoption and use of a CBDC to replace cash could be challenging as it requires significant investment from the central bank. The BoC suggested improving internet access, expanding low-cost bank account availability, increasing merchant collaboration with remote communities, and continuing to supply cash as some of the steps to help those who are underbanked. In addition, Canadian law enforcement has announced a digital asset solution to facilitate the seizure and storage of cryptocurrency and non-fungible tokens (NFTs). Submissions that receive a Phase 1 contract can receive up to CAD$150,000 and have 6 months to develop their product. Eligible businesses that successfully complete Phase 1 will be invited to submit a proposal for Phase 2, which offers up to CAD$1 million in funding and allows 12 months to submit a final product.